MyBTC.ca exchange – February 2019 review

MyBTC.ca Cryptocurrency Exchange

Buy bitcoin in a matter of seconds with Canadian dollars.

MyBTC.ca is a cryptocurrency service that allows Canadians to buy bitcoin in a matter of seconds using Canadian dollars. The platform accepts a variety of different payment methods with ranging fees, giving you the option to pay with your preferred method.

However, is MyBTC.ca the right platform for you to buy bitcoin from? Let’s take a closer look at the features, fees, pros and cons to find out.

Which cryptocurrencies can I buy?

Available countries

If you want to create an account with MyBTC.ca, you’ll need to be at least 18 years old and be a resident in Canada.

Which payment methods are accepted?

MyBTC.ca accepts Canadian dollars. You can buy bitcoin with CAD in four ways:

Interac e-Transfer

Instant Debit

Wire transfer

Flexepin Voucher

You should be aware that not all payment methods are supported by every Canadian bank or financial institution. You can find out more in the table below:

Payment method

Supported by

Interac e-Transfer

All Canadian banks

Instant Debit

BMO, CIBC, Scotiabank and Simplii Financial

Wire transfer

All Canadian banks

Flexepin Voucher

Purchase online or via specific retailers

How much will it cost me to use MyBTC.ca?

The cost of your transaction will depend on the method of payment you use. You can see the fees charged by MyBTC.ca in the table below:

Payment method

Fee

Interac e-Transfer

7.75%

Instant Debit

7.75%

Wire transfer

4.75%

Flexepin Voucher

6.75%

Is verification required?

You will need to verify your identity one of two ways: Online by emailing MyBTC.ca or in-person at a Canada Post location.

To verify your identity online with MyBTC.ca, you will need to provide the following information:

Close up of valid Government issued photo ID.

Photo of yourself holding your ID with a sign reading “MyBTC.ca ID Verification for Bitcoin Purchase” and the current date.

Original copy of a utility, phone or Internet bill showing your address.

Original copy of a loan, credit card statement or bank statement.

You will need to present the following information to the Canada Post agent in-person:

Your valid Government issued photo ID

Your MyBTC.ca profile information

The unique barcode sent to your home address

How quickly will my bitcoin be available?

The speed at which your bitcoin is available will depend on the method of payment you choose. You can find out more in the table below:

Payment method

Bitcoin available?

Interac e-Transfer

Same day speedy funding

Instant Debit

Instant buy*

Wire transfer

12-hour funding

Flexepin Voucher

Instant buy*

*Note that there will be a delay the first time you pay for your bitcoin using these methods. This is necessary in order to confirm these payment methods as legitimate.

Are there any buying limits?

MyBTC.ca imposes limits on the amount of cryptocurrency you can purchase, but these limits vary depending on the payment method you use. These limits can be found in the table below:

Payment method

Minimum

Daily max

Weekly max

Monthly max

Interac e-Transfer

$100

$10,000

$35,000

$150,000

Instant Debit

$50

$1,000

$7,000

$30,000

Wire transfer

$7,500

$100,000

$250,000

$500,000

Flexepin

$20

$2,500

$17,500

$75,000

Is it safe to use MyBTC.ca?

According to its website, MyBTC.ca runs on hardware stored on one of the most secure cloud providers. All communications are additionally encrypted with SSL. Your banking or credit card information is never stored on MyBTC.ca.

It’s also worth pointing out that your bitcoin is stored in your own bitcoin wallet off the site, which means it is not stored on MyBTC.ca. You should additionally consider the safety and security of the bitcoin wallet you choose to store your bitcoin in.

Before you can buy bitcoin through MyBTC.ca, you’ll need to verify your identity one of two ways. One way is to visit a Canada Post location in-person and verify your identity through their system known as Digital Proof of Identity. You must present the Canada Post agent with your valid Government issued photo ID, as well as a document containing your profile information and a unique barcode that MyBTC.ca mail to your home address. The second way is to email MyBTC.ca with the required information in order to become a verified member.

Customer support

If you have a problem with a transaction or a question about your MyBTC.ca account, you can check the range of FAQs answered on the company’s website. If you need further assistance, you can contact the company by:

Only two payment methods supported by all Canadian financial institutions

Next steps

If you’ve researched and compared a variety of options and decided that you’d like to buy bitcoin using MyBTC.ca, click on one of the “Go to site” links on this page. You’ll then be securely redirected to the MyBTC.ca website where you can begin buying bitcoin. You’ll need to provide your email address, phone number and create an account to get started, as well as verify your identity in order to begin buying.

Frequently asked questions

No, these services are not available. MyBTC.ca only allows you to buy bitcoin.

A Flexepin Voucher is a prepaid card that you purchase online or at select retail locations. This can then be widely used to buy bitcoin. Flexepin Vouchers can be purchased online or from select Canadian Tire gas stations across the country.

No, MyBTC.ca does not. You will need to have a bitcoin wallet set up before you buy bitcoin using the service.

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.

Emma Balmforth is an Associate Editor at Finder. She is passionate about cryptocurrency, credit cards and loans, and enjoys helping people understand the often confusing world of finance. Emma has a degree in business and psychology from the University of Waterloo. She wants to help people make financial decisions that will benefit them now and in the future.

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